Telecel group reportedly secures $20 million to expand its operations in West Africa. Tech company, Telecel Grop has partnered with Africa Credit Opportunities Fund (ACOF) to invest $20 million in Telecel Global Services.
Telecel Group Operations in West Africa
The Africa Connectivity Opportunity Fund (ACOF) represents a collaborative effort between Gateway Partners and the Fund for Export Development in Africa (FEDA), which is the development impact investment platform of the African Export-Import Bank.
This partnership is instrumental in driving innovation and growth within the African telecommunications sector. Beyond enhancing connectivity, it plays a pivotal role in generating employment opportunities, fostering technological progress, and contributing to the broader economic development across the continent.
Moh Damush, CEO of Telecel Group, shared his enthusiasm about this initiative, describing it as a “transformative venture.” He highlighted that this investment not only recognizes but also endorses Telecel’s growth potential and its ambition to cultivate a more connected and inclusive digital economy across Africa.
What This Investment Really Stands For
Andrew Bainbridge, CEO of ACOF, underscored that this investment is not just a robust financial prospect but also a reaffirmation of the continent’s dedication to advancing digitalization and eCommerce. This emphasis reflects a shared commitment to harnessing digital technologies for economic growth and development throughout Africa.
Founded by Miko Rwayitare in 1986, Telecel Group is a telecommunications entity with a focus on Africa. The company has a wide operational footprint, serving over 27 countries, including notable ones like Gabon, Equatorial Guinea, Central African Republic, Democratic Republic of the Congo, and Chad, and it boasts more than six million active customers.
Telecel’s Expansion of Vodafone Ghana’s Network Infrastructure
In a significant development reported in October 2023, Telecel announced the expansion of Vodafone Ghana’s network infrastructure. This expansion involved the addition of 300 new 4G sites across Ghana, the majority of which were already operational, marking a substantial enhancement in network capacity and coverage.
Telecel Group’s Groundbreaking Commercial Partnership with Lynk Global
Approximately six months prior to this expansion, Telecel Group entered into a groundbreaking commercial partnership with Lynk Global, a firm specializing in satellite-to-standard-phone telecommunications. This collaboration was designed to provide comprehensive coverage to Vodafone Ghana’s 31 million subscribers, utilizing Lynk’s pioneering “space-based cell towers” technology.
This alliance aims to extend network coverage to rural areas, bolster service resilience, and facilitate support for IoT devices, thereby enhancing connectivity and technological accessibility across Ghana.
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